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Chile's Cochilco lowers FY'20 copper price forecast to US$2.40 per pound

The Chilean Copper Commission, or Cochilco, lowered its copper price forecast for 2020 to US$2.40 per pound from the previous estimate of US$2.85 per pound, Reuters reported April 3.

The 45-cent reduction in the new estimate is a result of a significant downturn in copper demand, principally from China, Chile's main buyer of the metal, due to the COVID-19 pandemic.

The commission, meanwhile, anticipates the metal to rebound by 2021 to US$2.90 per pound, but lower than the previous forecast of US$2.95 per pound.

Earlier, Chile's state-owned Codelco announced that it was reducing its operations as the country's government declared a 90-day state of catastrophe to curb the spread of the new coronavirus.

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